Friday, 19 April 2019
Tuesday, 16 April 2019
Investment firms dominate list of worst gender pay gaps of pension companies
JP Morgan Securities has reported the highest gender pay gap of any UK firm working with occupational pension schemes in 2017/18, PP analysis finds.
The UK investment banking arm of JP Morgan Chase recorded the worst gaps on both the mean and median measurements of hourly pay, at 52.8% and 60.0%, when compared with 126 other firms in the occupational pensions and financial sectors.
The figures are significantly above the pensions sector-wide averages of 24.4% and 24.5% respectively, and much higher than the average of investment firms at 30.7% and 28.6% respectively.
Of the 10 largest gaps, many of the spaces were occupied by investment firms, and across the analysis, the mean gap at investment firms worsened on average by 0.3 percentage points.
The mean figure is calculated by finding the difference between the mean hourly pay of a man at the firm and the mean pay of a woman; the median figure is calculated in a similar way. The gaps do not necessarily mean that men and women are paid different wages for the same role.
PP's analysis may not be exhaustive and firms with fewer than 250 members of staff were not required to report. Some firms opted to report voluntarily.
In its supporting narrative, JP Morgan blamed an imbalance in the proportion of men and women in senior roles - a common theme across all organisations with gaps.
The firm said: "We know we have more work to do, not only to increase women's representation at all levels, but to advance more women into management and leadership positions across the firm.
"The business is accountable in driving progress, investing in employees' growth and committed to expanding advancement opportunities for women."
JP Morgan has signed up to a number of initiatives and has, for example, set a target to achieve 30% women in executive director and managing director UK-based roles by 2023.
Across the rest of the analysis of mean hourly gaps, XPS Pensions Consulting recorded the worst figure for consultants, JLT for administrators, Just Group for providers and insurers, Gowling WLG for law firms (a voluntary report), and the Pension Protection Fund (PPF) for firms associated with government.
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